Aboki Naira To Dollar Black Market Rate Today 23rd January 2025

The Nigerian Naira’s exchange rate against the US Dollar in the parallel or ‘black’ market, often referred to locally as “Aboki“, has seen slight adjustments as of today. According to reports from various Bureau De Change operators across major Nigerian cities, including Lagos and Abuja, the buying rate for one US Dollar stands at approximately N1,660, while the selling rate is slightly higher at N1,665.

This update reflects a minor shift from the rates observed on the previous day, indicating the ongoing volatility within Nigeria’s informal forex market. The black market, operating outside the regulated banking system, often shows rates that differ significantly from those set by the Central Bank of Nigeria (CBN), providing a more immediate response to local and global economic pressures.

The demand for US dollars in this market remains high, driven by the need for foreign currency in areas such as education abroad, medical expenses, and goods importation. Despite the CBN’s efforts to stabilize the Naira through official channels and various forex policies, the gap between the official and black market rates continues to be a focal point of discussion among economists, traders, and the general populace.

The current exchange rates directly affect the cost of imported goods, travel expenses, and educational costs for many Nigerians, thereby influencing the broader economic environment. Analysts attribute the Naira’s performance in the black market to a mix of internal economic policies, government debt, fluctuations in oil production, and international economic trends.

For those involved in currency exchange, it is advised to check with multiple sources for the most accurate rates, as these can vary across different locations and even among dealers within the same city.